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Standard Normal Concept. Speedy Business Cards, Inc., supplies customized business cards to commercial and individual customers.
P16.10: Standard Normal Concept. Speedy Business Cards, Inc., supplies customized business cards to commercial and individual customers. The company is preparing a bid to supply cards to the Nationwide Reality Company, a large association of independent real estate agents. Because paper, ink, and other costs cannot be determined precisely, Speedy anticipates that costs will be normal distributed around a mean of $20 per unit (each 500-card order) with a standard deviation of $2 per unit.A. What is the probability that Speedy will make a profit at a price of $20 per unit?B. Calculate the unit price necessary to give Speedy a 95 percent chance of making a profit on the order.C. If Speedy submits a successful bid of $23 per unit, what is the probability that it will make a profit?
P16.10: Standard Normal Concept.Speedy Business Cards, Inc., supplies customized business cards to commercial and individualcustomers. The company is preparing a bid to supply cards to the...